Amendment to Employment Letter Agreement between Identiv, Inc. and Justin Scarpulla (April 2024)
This amendment updates the employment terms for Justin Scarpulla at Identiv, Inc. Effective April 1, 2024, his annual base salary is set at $345,000, with eligibility for a quarterly performance bonus of up to $31,250, based on criteria set by the Compensation Committee. If terminated without cause, he will receive twelve months of salary, continued benefits, and an additional six months of restricted stock unit vesting, provided he signs a release. All other terms of the original employment agreement remain unchanged.
Exhibit 10.1
April 17, 2024
Justin Scarpulla
Via email to
Re: | Amendment to Employment Letter Agreement |
Dear Justin:
This letter agreement (the Amendment) reaffirms and amends the offer letter agreement between you and Identiv, Inc. (the Company) dated October 25, 2021 (the Employment Letter Agreement) as follows:
1. | Base Salary; Quarterly Performance Bonus |
Effective as of April 1, 2024, your base salary will be $345,000 on an annualized basis (the Base Salary). The Base Salary will continue to be paid to you in accordance with the Companys standard payroll procedures.
In addition to your Base Salary, you will continue to be eligible to earn a quarterly performance bonus of up to $31,250 (up to $125,000 annually) at the end of each fiscal quarter based on the level of achievement of performance bonus criteria to be established by the Compensation Committee (the Compensation Committee) of the Board of Directors (the Board). Performance achieved will be evaluated on a quarterly basis by the Compensation Committee and earned performance bonuses will be payable in cash. Your Base Salary and incentive compensation will be subject to periodic review and adjustment by the Board in accordance with Company practices.
All other terms contained in the Employment Letter Agreement under the heading Compensation, Benefits will remain unchanged.
2. | Termination of Employment without Cause |
If the Company terminates your employment without Cause (as defined in the Employment Letter Agreement) and you provide an Enforceable Release (as defined in the Employment Letter Agreement), then youll be entitled to:
(i) | Twelve (12) months continued payment of your then-current base salary (subject to applicable deductions and required tax withholdings) in accordance with the Companys standard payroll procedures, but with the first installment delayed to the first pay period after the Enforceable Release and such first installment to be inclusive of any amounts otherwise payable while the Enforceable Release is pending; |
(ii) | Benefits Continuation (as defined in the Employment Letter Agreement) for twelve (12) months beginning in the month after your last day of employment; and |
(iii) | An additional six (6) months vesting of your restricted stock units beginning in the month after your last day of employment. |
All other terms contained in the Employment Letter Agreement under the heading Termination of Employment will remain unchanged.
Except as expressly modified by this Amendment, all of the terms and provisions of the Employment Letter Agreement are and shall remain unchanged and in full force and effect, on the terms and subject to the conditions set forth therein.
[Signature page follows]
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I am pleased to confirm the terms of this Amendment to you on behalf of the Company. Please sign and date this Amendment to confirm your agreement to the terms described above and return it to me. For the purposes of this Agreement, a facsimile or electronic signature shall serve as an original.
Sincerely,
IDENTIV, INC. | ||
By: | /s/ Steven Humphreys | |
Steven Humphreys, Chief Executive Officer |
AGREED AND ACCEPTED: | ||||
/s/ Justin Scarpulla | 4/17/2024 | |||
Justin Scarpulla | Date |
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